Cairo-based B2B e-commerce marketplace MaxAB might have just achieved a big feat by securing the largest ever seed fund by a startup in MENA. The company announced earlier in the week that it had bagged $6.2 million in the seed round jointly led by Beco Capital, 4dX ventures, and Endure Capital.
Other investors to have participated include 500 Startups, Outlierz Ventures (Morocco), and a few local investors.
MaxAB pitches itself as a B2B platform that helps informal retailers in the food and grocery market with suppliers. The company goes about its objective by offering a sophisticated, yet simple-to-use mobile app.
The app is designed to automate and simplify Egypt’s $45 billion worth FMCG food retail market in Egypt for hundreds of thousands of traditional retailers.
Launched barely a year ago, the company reportedly already has 9,000 retailers on board its platform. The official MaxAB portal claims of having handled more than 40,000 shipments till date.
The company recently highlighted the benefits of using its platform by stating: “Brands using MaxAB have access to real-time demand monitoring and business intelligence tools, which improve end-to-end supply chain control, and better forecasting. Retailers in remote and under-served areas will have access to a wide variety of products, the convenience of ordering stock online in addition to second-day deliveries not to mention the added benefit of access to credit facilities.”
With the newly added $6.2M capital at its disposal, MaxAB finds itself in an ideal position to further strengthen its position on the home-turf by targeting up to 50% of Egypt’s population before expanding into overseas markets.